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Job market strengthens
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November 13, 1997: 8:52 a.m. ET
First-time jobless claims fall 6,000 lower last week to 310,000
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NEW YORK (CNNfn) - The country's employment market strengthened slightly last week, the U.S. Department of Labor said Thursday.
First time claims for unemployment benefits fell 6,000 to 310,000 for the week ended November 8. That figure was just higher than the 5,000 claims predicted by economists.
Any drops in claims for jobless benefits can signal that the labor market is getting tighter, which could lead to higher wages as employers try to lure or keep their workers.
Wage increases are a major worry for Federal Reserve Chairman Alan Greenspan because a rise in wages could trigger inflation. If he sees inflation looming, he could raise interest rates, which often holds back stocks.
The bond market retreated after the news, with the benchmark 30-year Treasury bond falling 16/32, pushing the yield upward to 6.13 percent.
The overall labor trends was flat however. The four-week moving average, which is seen as a more reliable figure because it averages out any spikes, increased jut 750 to 309,250.
-- by staff writer Randy Schultz
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U.S. Labor Department
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